What is your "magic number" for retirement?
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Anonymous
| As a ten year retiree I have found that excluding education costs we are spending a lot more now then when we were working even though we don’t have a mortgage. We travel a lot more both domestically and internationally and we’ve joined two clubs. The things we use to do ourselves like yard work now others do. We could be spending 50% more. |
Anonymous
https://www.nerdwallet.com/article/insurance/medicare/what-is-the-medicare-irmaa Here are the current premiums, per month: https://www.irmaacertifiedplanner.com/2024-irmaa-brackets/ |
Anonymous
| $5 million plus fed pension and health insurance |
Anonymous
Is that for 2 or 1? What is the current estimated pension? |
Anonymous
| I’d anticipate spending about the same in retirement as we do now, though kid-related expenses (which come out to probably 100k a year will be replaced by travel, dining out, entertainment). We are currently dual GS 15 feds so our healthcare will stay roughly the same and our pension plus social security will generate $250k or so a year, adjusted for inflation. Without having to save for retirement or kids education, we should be fine on this retirement income. Our house is paid off and we expect an inheritance between $5 and $10 million, which we will use to pay for grandkids education and plan to leave to our own kids. My parents have also saved about $200 per kid in an account that will hopefully grow so that when they reach adulthood they can use it for a downpayment on a house or whatever they need to get started. |
Anonymous
So what does this mean? if joint filing for $204,000 or less, the premium for Part B is $174.80 I assume this is one person per month. So if married, you pay 174.80 x 2. Is there anything else I need to pay? $350 per month for couple doesn't sound too bad. |
Anonymous
| 50 year old here. Don't have a magic number, but if I inherited another $2M today (which is what my parent told me he intended to give me) I would retire at 57 (minimum federal retirement age). Without it, I still don't plan working past 60 as I'll have 30 years as a fed by then. Currently we have about $3.9/$4M in retirement accounts. With my future pension and 2 SS accounts we would have more than $160K annually (very conservative figure) from that alone. I think I will start collecting SS at 62 as break even is about 81. Our mortgage will be paid off in less than 8 years (current equity about $1M or so). |
Anonymous
| 3,456 days from today. That's the magic number. |
Anonymous
only about 600 for me but not sure if i can last |
Anonymous
| $6M floor. It's 20 years off and DH will have a nice pension. To retire early I'd probably want $7.5 or 8, to cover the extra time. |
Anonymous
Income Related Medicare Adjustment Amount - retirees that have high incomes pay more for Medicare Part B and Part D. |
Anonymous
As a single person, I can only earn 103K per year in retirement. That seems unlikely, especially after Required minimum distributions kick in (age 73). I had hoped to continue my private (Fed subsidized) medical insurance to fill in Medicare Part B gaps (for example, Part B does not cover drugs). I also have a long term care policy. So it is unlikely you will only have Part B (which covers doctors visits, and some other services ). |
Anonymous
It is not, if you do not have to pay IRMAA. |
Anonymous
| $1.5 million at age 60 with one pension. Should be enough for $10k a month including keeping job healthcare. |
Anonymous
| My numbers are much lower. Single mom, 57yo, already put kids through college, house paid off. Hoping to hit $1m in retirement accounts (primarily 401k) but I’m only at $325k now. Also own substantial rental properties. |